If you are running a small business and need to find the best inventory management software for your business then you are at the right place. Here we have described more than 23+ best inventory management software for small businesses, using which you can manage your inventory effectively. Having a huge variety of inventory management software with its description makes you feel more confident about choosing the right software for your business.
Here in this blog we are going to discuss the overview of inventory management, the importance of having a good inventory management system and 23+ best inventory management software for small business in the best way. Read this blog to make the best inventory management software choice for your business.
Overview of the Inventory Management
Inventory management is the process of making a proper management of the goods or items which a business is used to store in their warehouse for selling. A good inventory management never holds problems like overstock or stockouts which helps in effective cash flow management. Inventory management makes sure that the product which is going to end is available at the right time and in the correct quantity. It is the reason behind the systematic procedure of ordering, storing and controlling a business raw materials and the finished goods. Inventory management have numerous benefits which we have discussed below:
Benefits of Inventory Management
Here are some of the inventory management benefits explained:
- Make Improvement in Cashflow: The proper management of the inventory optimizes cashflow and improves supply chain efficiency.
- Helps in Accurate Profit and Loss Statement Preparation: When your business is having a systematic and accurate management of the inventory then it ensures correct calculation of Cost of goods sold which results in providing accurate profit & loss statement.
- Helps in Saving Money: Inventory management prevents the unnecessary storage cost which helps in the reduction of space and labor, making maximum profitability.
- Makes Balance Sheet Report True and Fair: A Perfect inventory management helps your business in proper valuation of inventory that is shown in the current asset in the balance sheet report. This provides a true and fair view of the financial position of the business.
- Improved Efficiency: Inventory management ensures the accurate report of the products which are stored in the warehouse and which is needed for the future use which helps in making improved efficiency.
Why Is Inventory Management System Needed In Small Business?
Inventory management system provides you numerous functionality and benefits using which you can grow your business effectively. There are many reasons to use a system to manage your inventory for small businesses like it makes cash flow better, helps in time management and saving money. It is more important for the businesses who have to manage their stock which leads to a lot of time waste. You can simply use an inventory management system for managing your stock, time and money. It is not necessary that the Inventory management system is only used by the retail businesses. This system is also important for the small business owners who are selling their services to their clients. For example a gym trainer selling their favorite supplement for clients to use at home. Inventory management is as important for the small businesses as important to the retailers.
Best Inventory Management Software For Small Business
Here the list of best Inventory management software for small business are given:
1. NetSuite
NetSuite is very effective inventory management software used specially for the commerce business because of its variety of tools. This software offers a multi service management that helps with customer sales, order pickup and customer returns. It provides a single view of inventory across all sales channels allowing business to reduce inventory on hand to free up cash while avoiding stockouts.
2. InFlow Inventory
InFlow Inventory is a simple and clean tool for tracking stock, sales, and purchases. It allows you to scan barcodes and manage orders easily. You can also generate reports to see product performance. inFlow works for both small and medium-sized businesses. It offers cloud and desktop versions.
3. Katana
Katana is a modern inventory tool made for manufacturers. It gives a real-time view of stock and production status. You can track raw materials and finished products easily. Katana connects with accounting and eCommerce platforms. It’s great for small manufacturing businesses.
4. Zoho Inventory
The Zoho Inventory app is simple to operate yet very powerful. You can keep track of your products and ensure that you do not run out of stock by managing your inventory across multiple warehouses or obtaining other types of product availability from other suppliers. You can also connect your Zoho Inventory app with your Amazon or Shopify online stores. You can also generate reports regarding sales, shipped orders and inventory levels through the Zoho Inventory app. You can select between a free plan for small and mid-sized businesses and another more expensive plan for larger businesses depending on your needs.
5. QuickBooks Commerce
QuickBooks Commerce app is primarily for small businesses; it combines product, supplier and sales management into one system for managing inventory. The app will automatically update your on-hand quantities of items as soon as they are sold. You can generate profits and loss reports, establish reorder quantities, as well as create alert notifications when your inventory levels reach a specified level. It is designed to easily integrate with QuickBooks accounting software and is a great option for small businesses already using it to manage their accounting.
6. Square for Retail
Square for Retail app would be a good option for any small and local retail shop or store. This retail management solution allows you to manage your inventory in real-time; if an item is sold, your inventory will instantly be updated to reflect that sale. You can manage your product line from a desktop and on the go using a mobile device at any time. You can also use the built-in barcode scanner functionality to quickly perform barcode scans on your products and manage the inventory for those products in a more efficient manner than by manually entering every product’s data yourself. Square offers a free basic plan to help small businesses manage their product inventory.
7. Lightspeed Retail
Lightspeed Retail allows retailers to keep their inventory organized while managing their suppliers, tracking product and managing multi-location stores. Users can generate in depth reports providing information for decision makers, making it useful for growing businesses looking to gain control over their inventory. Lightspeed is not free, with varying price plans available.
8. TradeGecko
TradeGecko provides small businesses with inventory management capabilities, customer management, and order management from one dashboard that can be used for both online sales and wholesale selling. Users will be able to have real-time visibility of their inventory access and avoid stock stockouts, as well as connection with the most popular sales channels. This software would work best for product-based businesses.
9. Odoo Inventory
Odoo Inventory is part of a larger business software package, automating the processes within a warehouse to allow for real time updates of the inventory. Users are able to manage their relationships with their suppliers, warehouses, and shipments through this Cloud-based system. The flexibility of Odoo will allow your business to continue to grow with the addition of your own custom modules. There are both free and fee-based options available.
10. Fishbowl Inventory
Fishbowl is uniquely made for companies that need to maintain strict controls over their inventory. Compatible with QuickBooks, Fishbowl also provides support for Inventory Management and Manufacturing/Warehousing Reporting. Users can get a complete look at materials, finished goods, and shipments. Fishbowl would be best for businesses with a high level of product-based inventory. Pricing will vary based on the size of the customer.
11. Cin7
Cin7 integrates POS with inventory management to operate both offline and online selling and automatically updates stock levels. In addition, this software supports multiple sales channels and has strong reporting capabilities, therefore is ideal for growing retail companies.
12. Stockiq
Stockiq helps businesses avoid overstocking/understocking by providing accurate forecasting based on historical sales data. With Stockiq, users can easily administer supplier relationships and purchase orders; this software provides a much smarter way to plan your inventory and works well with most accounting systems.
13. Ordoro
Ordoro is a simple inventory and order management solution that helps you keep track of your stock, helps you manage shipping, and enables you to process your customers’ orders faster than ever before. Ordoro works seamlessly with all of your online stores and also helps to minimize the number of errors made during shipping. In addition, it is easy to use and is affordable.
14. Veeqo
Veeqo allows you to control all aspects of your inventory across several sales channels. Veeqo gives you real-time adjustments to accurate account-level stock levels, as well as the ability to manage all of your shipping and ordering processes from one dashboard, making it an ideal solution for ecommerce sellers. Veeqo has automation functionality that will save you a significant amount of time in the long run.
15. Sortly
Sortly is an intuitive inventory management application that allows tracking through image visuals, qr codes, and bar code identification. Sortly is not only easy to understand but also very simple to use so it will be beneficial to those who are not familiar with computers and technology but want to track their inventory through their smartphones. Even though Sortly was developed as an application for small businesses, it is being used by large corporations to manage their overall operations.
16. Inventory Planner
The Inventory Planner provides an overview of product sales, production levels, and purchase activity to assist businesses in determining demand and making purchasing decisions based on available inventory. It allows businesses to make informed decisions so they don’t purchase too much inventory. Great for data-driven decision making. Works best with online retailers.
17. RightControl
RightControl is a software program that allows businesses to manage inventory, suppliers and ordering all in one location. Works seamlessly with accounting software such as QuickBooks. Customers can trace their inventory between locations. RightControl will cater to your business by being customizable to your needs. RightControl will benefit small and medium sized companies.
18. ABC Inventory
ABC Inventory is an inventory management program that is free of charge and will help small businesses manage inventory, suppliers and sales orders. ABC Inventory has a basic, reliable interface to create an easy platform for small businesses to manage their inventory. Perfect for businesses with tight budgets. Works on Windows OS.
19. Stockpile
Stockpile is a free online inventory management program designed for small businesses. It allows small businesses to manage inventory, suppliers and sales of products. The simplicity of the Stockpile user interface makes it simple for start up companies or very small operations to manage their inventory. No monthly fees are charged.
20. ERPAG
The features of ERPAG include order management, accounting, and inventory. It allows you to keep track of your stock in real time and manage suppliers and customers efficiently. Being a cloud based application, it’s easy to access from anywhere. ERPAG is intended for small businesses searching for an all in one solution.
21. Unleashed
Unleashed provides a single system for managing inventory, sales and purchases for product based businesses. You will see your stock levels and profit margins at any given time. Unleashed is integrated with several eCommerce and accounting systems, making it ideal for any company that is growing.
22. Skubana
Skubana gives benefits to the eCommerce companies by streamlining their inventory across multiple online selling platforms which help them keep up to date stock levels and prevent overselling. Skubana will allow you to automate the routing of orders and shipments thus, it focuses on automation and efficiency.
23. Dear Inventory
Dear Inventory is an excellent inventory management system with features for order management. It tracks your stock and manages your suppliers, purchasing and sales orders. You can easily connect Dear Inventory to your accounting and eCommerce platform. Since it’s a cloud based application and it’s very easy to use. It is ideal for small to medium sized businesses.
24. SalesBinder
SalesBinder is an inventory management solution that allows users to keep track of their customers and products via the Internet. It includes the ability to use barcode scanning and alert you when you need to replenish your inventory. You may access it from any device with an Internet connection. There is a free version that includes basic features and it is provided at no charge to small retailers.
25. Megaventory
Megaventory helps to manage inventory, purchase orders and sales orders across multiple locations and users. You can create reports to analyze inventory levels and it is simple to use for anyone new to using inventory management software. Both wholesale and retail businesses can use Megaventory.
26. Boxstorm
Boxstorm is a cloud based inventory management tool that is produced by Fishbowl for tracking inventory levels and managing online orders. You can access Boxstorm’s inventory from anywhere via the Internet and Boxstorm integrates seamlessly with QuickBooks. Boxstorm would be a great choice for small businesses that require flexibility in managing their inventory.